INTRODUCTION TO REAL PROPERTY APPRAISAL
EL CAMINO COLLEGE – SPRING 2005
54 Hours Basic Appraisal Education for Qualification to take the California Appraisal Examination
51 Hours Appraisal Continuing Education for renewal of the California Appraiser Certification
3 Units of 24 College Credits Needed for Real Estate Brokers License
Participants in This Class who want to become appraisers should take AThe USPAP@
ORDER TOTAL ALAMODE, THE DEMONSTRATION VERSION
AVAILABLE FOR DELIVERY, OR DOWNLOAD FROM www.alamode.com
Robert Rooks, Instructor
Office (626) 331-7577 - FAX (626)339-3098
Internet = Home Page = http://www.RobertRooks.Com
TIME: Thursday Evening 6:30 - 9:40
PLACE: Administration Building – Room 219
All additional information, next class outline, last class outline are contained on the internet at www.RobertRooks.Com then go to Bulletins and
find the class you are taking. If you cannot find the information that you need it is always faster to email me.
February 16 ( 1) Chapters 1 Orientation - Order Total Alamode www.alamode.com
Real Estate Appraisal and You
February 23 ( 2) Chapter 2 Legal Considerations in Appraisal
Chapter 3 The Formal Appraisal Process
Test Practice Practice for State Examination
This is NOT A TEST - It Is Test Practice Test
March 2 ( 3) Chapter 4 Neighborhood and Market
Saturday March 5, 2005
Saturday Field Work
Single Family Residence is visited. This residence will by your “Subject Property” for your Appraisal Project.
Your Appraisal Project counts for 200 points toward your final grade. Your appraisal project will be due on
the last night of class.
DUE TO THE SIZE OF THE CLASS THIS EXERCISE WILL BE BROKEN UP INTO SEVERAL TEAMS.
EACH TEAM WILL MEET AT A SUBJECT PROPERTY. The team will measure and photograph the
subject property, inside and out, as well as evaluate the subject’s neighborhood. Comparable data will be
distributed to the participants. The participants are expected to view and evaluate the comparables, and the
comparable’s neighborhood.
March 9 March 9 ( 4) Chapter 5 Real Estate Economics and Value
Chapter 6 Property Inspection and Analyses - The Site
Reports are begun in class using Total Alamode
March 16 March 16 ( 5) Chapter 7 The Sales Comparison Approach - Gathering Data -
Reports should be well underway at this juncture.
March 23 ( 6) Chapter 8 Analyzing and Adjusting Comparables. Inspection of the Comparables
Evaluation of the Comparables. Comparable information from the
Assessors Tax Base and the Multiple Listing Services, as well as Title
Company Records will be given as data for necessary information on
the “Subject” and the “Comparables.”
March 30 ( 7) Chapter 10 Site Valuation - Four methods used to appraise land
April 6 ( 8) Chapter 11 The Cost Approach to Value - The use of Marshall and Swift Manuals Cost Approach Manual
Mid-Term Examination graded that night.
April 9th to the 15th No Class April 13th Spring Vacation
April 20 ( 9) Chapter 12 - Estimating loss in value - types of depreciation
April 27 (10) Chapter 13 - Income Appraoch to Value
May 4 (11) Chapter 13 - Income Approach Short Cuts – Discounted Cash Flows – Capitalization Rates.
May 11 (12) Chapter 15 - Introduction to Income Capitalization
May 18 (13) Chapter 16 - Reconciliation – Final Value Estimates
May 25 (14) Report Work 1 - Fourteen Page Report polishing techniques
June 1 (15) Report Work 2 - Fourteen Page Report Polishing techniques
June 8 (16) Report Work 3 - Fourteen Page Report Polishing techniques
June 15 (17) FINAL TEST Graded that evening Class Projects are due.
Grading Procedure
Mid-Term = 100 Points toward Final Grade
Final = 100 Points toward Final Grade
Class Participation = 50 Do you attend and contribute?
Field Trip = 50 Appraise a Single Family Home
Single Family Residence Appraisal 14 Page = 200 Points toward Final Grade
Grades and Percentages = 450 B 500 A
= 350 B 449 B
= 250 B 349 C
= 150 B 249 D
= 0 B 149 F